Industrial Hemp Market to Hit $18.1 billion by 2027 | America Inc, Cronos Group Inc, Ecofibre Limited, GenCanna etc.
Ngày đăng: 19-04-2024 |
Ngày cập nhật: 19-04-2024
The industrial hemp market is witnessing unprecedented growth, propelled by various factors such as increased usage in food and beverage products, rising demand for construction materials, and the surge in plant-based protein preferences. This post delves into the dynamics driving the market, innovative applications, regional trends, and key players shaping its landscape.
What is the current valuation and projected growth of the global industrial hemp market?
The global industrial hemp market was valued at USD 6.8 billion in 2022 and is projected to reach USD 18.1 billion by 2027, exhibiting a remarkable CAGR of 21.6% in terms of value. This exponential growth is attributed to the expanding utilization of hemp in diverse sectors such as food, construction, textiles, and beverages.
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Who are the major manufacturers of industrial hemp market?
- America Inc. (US)
- Cronos Group Inc. (Canada)
- Ecofibre Limited (Australia)
- Green Thumb Industries (US)
- Curaleaf Holdings Inc. (US)
- GenCanna (US)
- HempFlax BV (Netherlands)
- Konoplex Group (Russia)
- Hemp Oil Canada (Canada)
- BAFA (Germany)
- Dun Agro Hemp Group (Netherlands)
- Colorado Hemp Works (US)
- Canah International (Romania)
One of the primary drivers of market growth is the increased usage of hemp seeds in food and beverage products. Hemp seeds are incorporated into various items such as cereals, yogurts, protein powders, and hemp milk due to their nutritional benefits and versatility. Additionally, the rising demand for construction materials made from hemp hurds, which offer superior properties such as thermal insulation and durability, further boosts market expansion.
How is hemp hurd contributing to the growth of the industrial hemp market?
Hemp hurd, comprising approximately 70%-80% of the hemp stalk, plays a pivotal role in market expansion. It serves as a sustainable raw material for manufacturing construction materials, textiles, bedding, absorbents, and more. The exceptional properties of hemp hurd, including thermal, mechanical, acoustic, and aseptic attributes, make it an ideal choice for various applications such as hempcrete production, furniture manufacturing, and automotive components.
What is driving the increased demand for hemp seeds in the market?
The burgeoning preference for plant-based protein, coupled with the rise in the vegan population, is driving the demand for hemp seeds. These seeds are rich in protein and essential nutrients, making them a preferred choice for consumers seeking alternatives to animal-derived products. Furthermore, the popularity of hemp-based beverages, infused with antioxidants and cannabidiol (CBD), contributes to the overall growth of the hemp seed segment.
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Which regions are witnessing the fastest growth in the industrial hemp market?
Europe emerges as the frontrunner in terms of market growth, driven by the widespread adoption of hemp seed and hemp fiber in various industries. Countries like Germany and the Netherlands exhibit particularly high demand for hemp-derived products, including food, beverages, textiles, and construction materials. The use of hemp in automotive and construction sectors for thermal insulation and soundproofing further accelerates market growth in the region.
